Interim Report

Fourth quarter 2021

Guillaume Van Gaver, CEO Thomas Berge, CFO

LINK facts and figures

Global CPaaS Player in High Growth Markets

Fourth quarter report 2021 highlights

Gross profit increased 37% to an all-time high of NOK 360 million. ● Gross margin expansion with higher margin contribution from US acquisition Message Broadcast

Organic gross profit growth in fixed currency of 11%

Revenue grew 25% to NOK 1,297 million.

● 16% organic revenue growth in fixed currency supported by a larger contribution from Global Messaging

All-time high adjusted EBITDA at NOK 176 million up 47% year-over-year

Adjusted EBITDA margin 13.6% (11.5%)
Organic adjusted EBITDA increased 15% in fixed currency

LINK awarded 'Best RCS Provider' by Juniper Research in February 2022 ● Highlighting LINK's innovative RCS messaging product as a leading proposition for brands

LINK signed 668 new agreements in the final quarter of the year (new and expanding) ● Securing significant new revenue and future growth potential

Global CPaaS Player in High Growth Markets

Status 2021 - First full year as listed entity

Adjusted EBITDA growth of 42% to NOK 557 million. Pro forma adjusted EBITDA NOK 619 million ● Pro forma adjusted EBITDA growth in fixed currency 8%

Reported revenue grew 25% to NOK 4.4 billion. Pro forma revenue NOK 4.6 billion

● Pro forma revenue growth in fixed currency 16%

Revenue growth lowered in forward-looking statement from 20% to 14-17% range ● Lockdowns resulted in reduced marketing related messaging and delayed roll-out of GTM ● Adoption of Cpaas products has been more incremental than initially assumed

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Message Broadcast underdelivered in H2 21

● Off-trend weather patterns reduced critical events messaging

Leverage temporarily higher than the financial policy of <3.5x ● Message Broadcast acquisition and walk away from equity financed Soprano transaction ● Significant deleveraging effect from organic growth expected by end of 2022 bringing leverage closer to target

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LINK ranked an established leader by Juniper Research ● Highlighting LINK's leading position in the industry

Forward-looking statement

Global CPaaS Player in High Growth Markets

Confidence in 14-17% revenue growth for full year of 2022

● Growth rates may vary between quarter as 2021 was impacted by lockdowns, resulting in high and low comparables

Net retention rate expected to remain above 110% for the Enterprise segment for the full year 2022

Gross profits expected to trend upwards in H2 22 with a normal season for high margin critical events messaging in the US

Additional growth through M&A with strict transaction requirements

Accretive to LINK's valuation
Deleveraging or at least neutral to leverage

Significant deleveraging effect from organic growth expected by end of 2022 bringing leverage closer to financial policy target of <3.5x

Pro forma revenue NOK 10 billion ● 20% long-term organic growth in mature market ● S-curve adoption of omnichannel CPaaS solutions ● Pro forma adjusted EBITDA margin 15-17%

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2022 2024

Los Angeles Times

Message Broadcast (MB) has a strong position in the US utilities vertical

Offering tailored messaging solutions and critical events messaging as required by the regulator
- Utilities face huge fines in case of non-compliant communication

MB revenue partly linked to weather dependent critical events messaging

Mainly related to droughts in Western US and hurricanes in the Gulf of Mexico
H2 21 saw off-trend weather patterns
- Significantly wetter and less hurricanes than normal
Reversion to on-trend weather patterns expected for 2022

MB has acquired new large customer contracts in H2 21

New contracts signed in 2021 expected to ramp-up revenue growth in 2022
Extensive customer pipeline for 2022

Strong contribution to growth and profitability expected from MB in 2022

Western US saw a very wet fall last year

More rain in the last 3 months of the year than the previous 12 months

LINK won Inditex Group RFP for providing mobile communications services Message Broadcast wins another utility customer on the East Coast

Message Broadcast (MB) signed a large new utility customer in the new year

Utility has more than 3 million customers
Market capitalization close to USD 20 billion

MB to provide multichannel CPaaS solutions for end-user dialog

● SMS, voice and email

Eversource on the East Coast won in Q4 21

Recent wins diversify geographical reach of MB
MB is headquartered with a historical strong position on the West Coast

LINK awarded "Best RCS Provider" by Juniper Research

Global CPaaS Player in High Growth Markets

LINK was awarded 'Best RCS Provider' Platinum Winner by Juniper Research

Juniper Research is an established European provider of business intelligence
Platinum Winner award presented at their 2022 "Future Digital Awards"

RCS*, or SMS 2.0, is the next generation of traditional SMS messaging

Richer feature set allows brands to engage in conversations with their customers
- Drives better open rates, engagement scores and click rates

LINK recently launched its GSMA compliant RCS API

LINK's single API and local presence make it easy for brands
RCS launch partner for over 80 mobile network operators globally

RCS creates value by vastly improving customer engagement

● Generating excellent ROI metrics up to 5x traditional SMS

Shopping with RCS from LINK

LINK product development ahead of market adoption

The CPaaS industry is continuously evolving

LINK develops products to match commercial market demand
Given incremental market adoption of new solutions LINK is ahead
- Innovation driven by global tech customers' adaptation of CPaaS
LINK seen as an innovator and advisor in this space
- Together with our localized approach, we have strong customer relationships and are poised to capitalize on CPaaS developments
Current trends see industry developing services on top of CPaaS

LINK's product development roadmap next 2-years

Horizontal expansion with Voice, Video and significant NLP & AI buildout
Vertical innovation in SaaS solutions to address three super use cases
- Notification
- Marketing
- Customer care

LINK CPaaS products

● Organic GTM strategy registered 2,700 new customer accounts ● Customer churn remain very low at 1% securing recurring revenue

47,200 active customer accounts
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M&A added 3,850 customer accounts

Large and growing customer base provides significant revenue upside ● S-curve adoption of CPaaS omnichannel solutions

Large customer base secures recurring revenue and positions for upside

LINK won Inditex Group RFP for providing mobile communications services Specsavers selected LINK to transform its conversational messaging

LINK has a leading value proposition for global brands

LINK has signed a 5-year agreement with Specsavers

A leader in optometry, audiology, and healthcare services
Agreement to transform their digital customer communication
- In Norway, Ireland, Spain, the Netherlands, Denmark, Finland, Sweden, and the UK

Omnichannel engagement strategy includes SMS, Rich SMS and RCS

Turning customer enquiries into messaging conversations
- Facilitating for promotional marketing messaging
Company updates and appointment reminders

Adobe's Campaign Classic Connector integrated with LINK's CPaaS solutions

Provides real-time, relevant and personalized communications
Easily managed by multiple business functions
- Marketing, CRM, customer service and store teams

Healthcare fast-tracking digitalization

CPaaS solutions bring significant benefits to the healthcare industry

Increased patient satisfaction with instantly available information on preferred channel
Reduced patient waiting times through better use of healthcare professionals time
- Appointment reminders
- AI chatbots for initial enquiries
Cost savings through automation of administrative tasks
- Appointment bookings
- Secure payments

LINK already has a significant foothold within healthcare

Part of National Health Service (NHS) communication and engagement framework in the UK
Government contracts with several European countries stemming from Covid
- Pandemic has fast-tracked digital adoption by healthcare institutions
Large US customers
- Pharmaceuticals distributor McKesson
- Biopharmaceutical company Amgen

LINK has foothold in Norway, Poland, Austria, the UK and the US

**Adoption of digital messaging* varies greatly in Europe** Norway and Sweden early adopters

● Markets partly developed by LINK during past decades

UK advanced within digital messaging marketing

Most European countries still early on S-curve

● Significant benefits to be harvested

6%	11%	3%	8%	37%	17%
15	39	3	9	23	9

Acquisitions of solutions companies leverage LINK's large customer base

LINK with proven track-record in acquiring and integrating solutions companies

LINK searches for technically advanced, commercial immature companies
Reasonable multiples and technically advanced solutions
Highly accretive transactions ramping up revenue growth through upselling to existing customer

Win-win combination

Software engineers from target join LINK and continue their focus on development
LINK's commercial organization integrates and cross-sells the new solutions
Leveraging LINK's large customer base and presence in local markets

LINK has an extensive pipeline of cross-sell opportunities

Tismi generating new opportunities in Austria and France, more countries will be rolled out in 2022
MarketingPlatform has immediately advanced LINK's marketing offering which is rolled out in the Nordics
Italian chatbot Xenioo leveraged to both European and US customers

Acquires solution companies

Voice and number masking

Upsells solutions to large customer base

Marketing platform with integrated customer data platform (CDP)

Chatbot

Financial Review Fourth quarter 2021

Reported organic revenue growth of 16% in fixed currency

Reported revenue grew 25% to NOK 1,297 million ● Reported growth includes effect from acquired entities

Reported organic revenue growth of 16% in fixed currency ● Organic growth exclude the effect from consolidated acquired entities ● FX headwind of -6% year-over-year due to appreciation of NOK

Reported volume growth % YoY

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Reported volume growth for Q4 21 at 31% including effect from acquired entities ● Volume growth higher than revenue growth reflecting higher portion derived from the

low price/margin Global Messaging segment

Organic pro forma* total revenue growth of 15% in fixed currency

Total pro forma revenue growth of 15% in fixed currency

● Higher Global Messaging volume positively impacting total pro forma revenue growth

Enterprise segment (fixed currency)

Total group (fixed currency)

Enterprise pro forma revenue growth of 11% excluding the US

Nordic run-rate at 17% revenue growth in fixed currency
Central Europe at 9% revenue growth in fixed currency
- High Q4 20 driven by volumes from e-commerce and logistics due to lockdowns
Western Europe growth momentum lagging at 6% growth in fixed currency
- Marketing activity in the French retail sector remained subdued due to cost savings initiatives as a response to economic uncertainty caused by the pandemic

Central and Western Europe impacted total Enterprise growth negatively by approximately 2-3% reflecting the above-mentioned effects

The US impacted Enterprise pro forma revenue growth by a negative 2% ● Message Broadcast experienced unusually low critical event driven volumes in Q4 21

Message Broadcast has two revenue streams

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● Stable revenue from messaging solutions - transactions, licenses, professional services ● Volatile revenue from critical events messaging which is more weather related

Revenue from messaging solutions grew steadily with 17% growth for FY 2021 ● Solutions revenue constitute 84% of total revenue in Q4 21 compared to 72% in Q4 20

Critical events messaging declined in H2 21 due to unusual weather conditions ● Adverse weather requires utilities to shut-down electricity grids and inform their end-users, driving significant messaging volumes towards millions of consumers ● Historically driven by droughts in Western US and hurricanes in the Gulf of Mexico

H2 21 was much wetter and saw less hurricanes than the normal situation experienced in 2020, resulting in a negative revenue development

Message Broadcast has added customer during 2021 and has zero churn

Message Broadcast underdelivered in H2 21 due to off-trend weather patterns

LTM revenue (USDm)

Revenue by quarter (USDm)

All-time high gross profit

All-time high gross profit of NOK 360 million, a growth of 37% ● Organic gross profit growth in fixed currency of 11% ● Organic growth driven by the Enterprise segment ● Contribution from consolidated acquired entities NOK 83 million

Reported gross profit

Gross profit margin

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Stable margins in the Enterprise segment ● Increasing +0.1 percentage points to the gross profit margin

Global Messaging growth diluted organic gross margin by 1.3 percentage points due to lower profitability compared to the Enterprise segment

Gross profit margin expanded to 27.7% (25.3%) ● Margin improvement driven by consolidation of Message Broadcast

All-time high adjusted EBITDA

Reported adjusted EBITDA

Reported adjusted EBITDA / adjusted EBITDA margin

Adjusted EBITDA margin remained stable from Q3 21 at 13.6% in Q4 21

All-time high adjusted EBITDA of NOK 176 million, a growth of 47% ● Organically adjusted EBITDA growth of 15% in fixed currency ● Negative FX effect of NOK 9 million YoY due to appreciation of the NOK ● Contribution from consolidated acquired entities NOK 48 million

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1) Unaudited reported LTM Q4 21 figures for LINK

2) Including unaudited full-year effect of WebSMS, Tismi, MarketingPlatform, AMM, Message Broadcast, Xenioo and Altiria

LTM Q4 21 NOKm	Reported¹	Closed acquisitions ²	All entities (Reported currency)	LTM Q4 20 All entities (reported currency)	LTM Q4 21 All entities (fixed currency)
Revenue	4,410	194	4,605	4,146	4,827
Gross Profit	1,200	123	1,323	1,272	1,389
GP. Margin	27%	63%	29%	31%	29%
Adj. EBITDA	557	63	619	607	656
EBITDA Margin	13%	32%	13%	15%	14%

Illustrative LINK footprint

Steady growth in pro forma* figures in fixed currency

Total group pro forma (fixed currency)

LTM pro forma figures materially negatively impacted by FX especially in H2 21 ● LTM adjusted EBITDA as of Q4 21 was NOK 37 million lower due to FX compared to

same period last year

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Pro forma LTM gross profit in fixed currency grew 9% ● Growth reduced by abnormally low revenue from critical events in the US ● LTM pro forma gross profit growth of 11% excluding the US

Pro forma LTM adjusted EBITDA in fixed currency grew 8% ● Growth reduced by abnormal low revenue from critical events in the US ● LTM pro forma adjusted EBITDA growth of 14% excluding the US

Total group pro forma (reported currency)

Revenue of NOK 1,297 million, an increased of 25% YoY Gross profit of NOK 360 million, an increased of 37% YoY Adjusted EBITDA of NOK 176 million, an increase of 47% YoY

Non-recurring costs of NOK 55 million ● Share option cost NOK 25 million down from NOK 40 million compared to Q3 21 as the first tranche of the RSU's was released ● M&A related costs NOK 20 million ● Restructuring costs NOK 10 million

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Depreciation and amortization of NOK 100 million ● Depreciation of intangible assets of NOK 19 million from internal R&D ● Depreciation of acquired excess values of NOK 75 million deriving from PPA's ● Remaining related to depreciation of leasing arrangements and fixed assets

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Net financial items positive NOK 96 million ● Net currency exchange gain of NOK 127 million with no cash effect ● Net interest expenses of NOK 47 million ● Bond loan NOK 40 million including amortized fees ● Other NOK 6 million (holdbacks on M&A and leasing) ● Net other financial expenses positive with NOK 16 million due to change in

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earn-out estimates

Reported Income statement – Fourth quarter 2021

NOK in millions	Q4 2021	Q4 2020	YTD 2021	YTD 2020

Total operating revenues	1 297	1 041	4 410	3 539
Direct cost of services rendered	-937	-778	-3 210	-2 640
Gross profit	360	263	1200	899

Operating expenses	-184	-143	-644	-508
Adjusted EBITDA	176	119	557	391

Non-recurring costs	-55	-71	-252	-97
EBITDA	121	49	305	294

Depreciation and amortization	-100	-111	-338	-271
Operating profit (loss)	21	-62	-33	22

Net financials	96	-37	-14	-427

Profit (loss) before income tax	117	-99	-48	-405

Income tax	-14	85	-30	77
Profit (loss) for the period	103	-15	-78	-328

Minority Interest Income			-0
Owner's income	103	-15	-78	-328

NOK in million	Q4 2021	Q4 2020

Non current assets	8 771	6 000
Trade and other receivables	905	749
Cash and cash equivalents	844	952

Total assets	10 519	7 700
Equity	5 069	4 304
Deferred tax liabilities	557	313
Long-term borrowings	3 696	2 079
Other long term liabilities	64	33
Trade and other payables	1 063	927
Other short term liabilities	71	45
Total liabilities and equity	10 519	7 700

Non current assets increased due to acquisitions ● Purchase Price Allocations (PPA) of acquisitions closed in Q4 21 ● A2P company Altiria in Spain ● Solution company Xenioo in Italy

Cash on balance sheet NOK 844 million

Equity NOK 5,069 million and equity percentage 48%

Receivables and payables increased due to acquired entities and organic growth by NOK 156 million and NOK 135 million respectively

Net interest bearing debt of NOK 2,981 million

LINK generated NOK 450 million in cash flow from core operations last year

Reported free cash flow

Adjusted cash flow from operations NOK 453 million for 2021 ● Reported cash flow from operations include M&A related expenses ● Free cash flow generated after capex and interest of NOK 203 million

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a Cash generation high with full year cash conversions at ● 81% at adjusted cash flow from operations over adjusted EBITDA ● 36% at free cash flow after interest and capex over adjusted EBITDA

Working capital (WC) varies significantly between quarters ● WC outflow in Q1 21 relates mainly to time deviations in 2020 ● WC outflow in Q3 21 relates mainly to consolidation of Message Broadcast

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Full year effect from acquisitions to increase cash generation in 2022

Reported LTM Q4 21 leverage at 4.8x

● Significant deleveraging effect from organic growth expected by end of 2022 bringing leverage closer to financial policy target of <3.5x

Appendix Net retention rate (NRR)

Group net retention rate at 112%

Pro forma net retention rate in fixed currency

1) Net retention rate excluding aggregator clients. Includes markets counting for more than 80% of the total transaction revenue. The relative change in revenue from the net of upsale, downsale and churn for customers at the start of the period throughout the last 12 months, not considering new customers 2) Net retention rate including all client segments

Group pro forma net retention rate of 112% in Q4 21 in fixed currency ● Higher Global Messaging wholesale volumes increased group net retention above the expansion reported for the enterprise segment